It is time to get another JVC HDV cam and I am torn between the HD110 or 200.

Specifically, I will be wanting to use it with one of the new 35 mm adapters pretty much all the time.

Is the only difference between the two cameras in relation to use with 35 mm adapters that while the HD110 will flip the image in the viewfinder and LCD the rigtht way up the HD200 goes further and actually inverts it in camera as well so that this is not necessary later in editing?

Yes the 200 will put the image correctly flip back the image to tape while the HD110 can only display it correctly.

The 200 also has 720/60P though, which is better for overcranking than the SD modes on the HD110. Of course they may be enough for you though since they upres nicely.

The 200 is also supposed to have more Cinegamma options.

At this point, there it is possible (but unknown) that since there will be new lenses released (4), different packages may be available on the 200 bu currently, it also comes with the same stock lenses as the 110.